The cost of electricity will go up from April 1.

Manx Utilities has announced a 1.88% rise for domestic customers and less than 2% increases for commercial and industrial customers.

Manx Utilities chairman Alex Allinson MHK said: ’Manx Utilities has limited necessary increases in electricity unit prices to a maximum of 2%, an amount below the level of inflation and standing charges for electricity remain unchanged.

’Manx Utilities have also commenced the process of undertaking a pricing strategy review and is on schedule to deliver a report on its future pricing to Tynwald by October 2018.

’Despite worldwide energy price increases, these changes will mean we have managed to restrict the price rise for domestic customers to 1.88% and further limited the rise in the Comfy Heat tariff for customers with electric heating to 1.43%.’

He added: ’My board and I are very aware of the impact of utility charges on our customers and the economy of the Isle of Man, which is why we have not increased electricity prices for the last two years.

’We, supported by the Manx Utilities’ workforce, are also committed to efficiently delivering high quality essential services for the Isle of Man and welcome the opportunity to work with the government to provide a sustainable pricing strategy that ensures the financial sustainability of Manx Utilities without placing an undue burden on our customers.’

Meanwhile, water and sewerage charges will be frozen for the coming financial year.